Why you need an estate administrator pro.
By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice
Being named executor of an estate places many legal and fiduciary responsibilities on that person. An executor is entrusted with settling the decedent’s affairs, arranging for the payment of any income and estate taxes, and distributing the assets of the decedent’s estate. In most cases, people choose a loved one or family member to serve as executor.
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“Unfortunately, I have seen executors neglect their fiduciary duties during the estate administration period, which has exposed the decedent’s estate to unnecessary legal expenses, tax liability, and family feuds,” said Jason Trenton, a top trust and estate attorney in the Los Angeles office of Venable LLP’s Tax and Wealth Planning Practice.